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The Pennsylvania Insurance Department is a cabinet-level agency in Pennsylvania, United States. It was founded in 1873 and has several main functions, including: [2] To audit insurance companies' finances; Issue licenses to insurance industry individuals and companies; Regulate insurance policies and rates
The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
In insurance practice, an insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence, without repairment or damage, of the insured object (or in the case of a person, their continued survival). An "interested person" has an insurable interest in something when loss of or damage to ...
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe. In the United Kingdom, insurance is broadly divided into three areas: personal lines, commercial lines and London market.
[101] [102] [103] Prior to the effective date of April 1, 2019, a federal judge invalidated the rule. [104] The court found that the DOL had failed to set meaningful limits on AHPs. [105] The Court of Appeals for the District of Columbia Circuit granted the Trump Administration an expedited appeal.
Full tort and limited tort automobile insurance options were instituted by the state of Pennsylvania in an attempt to decrease the number of pain and suffering lawsuits in Pennsylvania courts. Concerned about the high rates of automobile insurance, Pennsylvania enacted mandatory personal injury protection (PIP) insurance coverage in the attempt ...
The McCarran–Ferguson Act, 15 U.S.C. §§ 1011-1015, is a United States federal law that exempts the business of insurance from most federal regulation, including federal antitrust laws to a limited extent.